Credit Education

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•  35%  PAYMENT HISTORY on any Open  Accounts, on time payments & late payments are categorized here.
• 
  30% AMOUNTS OWED on Revolving Credit Card accounts aka available credit.
• 
  15%  LENGTH OF CREDIT HISTORY is the time an account has been  established.
• 
  10% NEW CREDIT Is the number of inquiries within a 12 month period.
• 
  10% TYPE OF CREDIT USED/ NUMBER OF OPEN ACCOUNTS  are any open accounts; Revolving, installment loans, secure debt, auto loans, home loans etc. 

 Installment credit gives borrowers a lump sum, and fixed, scheduled payments are made until  the loan is paid in full. 

Revolving credit allows a borrower to spend  the money they have borrowed, repay it, and borrow again as needed.  Credit cards and credit lines are examples of revolving.

 
Installment account

Mortgage loan
Home construction loan
Land loans

Revolving account

Credit Card
Charge Card
Secure Credit Cards 

To get the average age of your open accounts, you’ll add up the ages of each and divide that figure by the number of accounts you have open. For Example: This is how you would calculate 3 open accounts:

 (15 years + 5 years + 4 years) = 24 years

24 years / 3 open accounts = 

8 years average age 

Equation to figure out Average Years of accounts:

Total Years / Number of open accounts = Average years of accounts

If a fourth account were newly open which would have an age of zero years, your average age of accounts would drop to six years; 

24 years / 4 cards = 6 years average age

The Credit bureaus suggest five or more open accounts. This can be a mix of cards and loans. Having very few accounts can make it  hard for scoring models to render a score for you. There is no universal number of open accounts & Your credit score won't tank once you hit a certain number of open accounts as long as they are maintained: on time payments, keep credit card balances low & no more than 6 inquiries in a 12 month period.

Sources:

• https://www.bankrate.com/finance/credit-cards/how-many-credit-cards-is-too-many/
• https://www.nerdwallet.com/article/finance/how-many-credit-cards

 A statute of limitations is a law that sets the maximum time that parties have to initiate legal proceedings from the date of an alleged offense. 

Source:

https://www.investopedia.com/terms/s/statute-of-limitations.asp

" Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent."

Source: 

https://www.equifax.com/personal/education/credit/score/what-is-a-good-credit-score/